Murray Stahl Horizon Kinetics Asset Management
Murray Stahl is chairman of Horizon Kinetics, an investment firm known for independent research and unconventional long-term themes. The firm has been closely associated with ideas such as hard assets, owner-operator businesses, and differentiated equity research outside the consensus. Stahl’s commentaries are followed by investors interested in structural market inefficiencies and long-duration themes.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
STR
Sitio Royalties
STR
|
+$63.2M |
| 2 |
Brookfield Asset Management
BAM
|
+$16.5M |
| 3 |
PBT
Permian Basin Royalty Trust
PBT
|
+$13.8M |
| 4 |
Civeo
CVEO
|
+$8.37M |
| 5 |
Bunge Global
BG
|
+$7.31M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$134M |
| 2 |
MNRL
Brigham Minerals, Inc. Class A Common Stock
MNRL
|
+$50M |
| 3 |
Brookfield
BN
|
+$19.2M |
| 4 |
ProShares Short VIX Short-Term Futures ETF
SVXY
|
+$9.03M |
| 5 |
KraneShares Global Carbon Strategy ETF
KRBN
|
+$7.35M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 62.36% |
| 2 | Materials | 8% |
| 3 | Financials | 7.58% |
| 4 | Consumer Discretionary | 3.95% |
| 5 | Technology | 3.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Texas Pacific Land
TPL
$26.5B
| $3.36B | 55.44% |
12,899,502
-506,799
| -4% | -$134M |
|
2
Franco-Nevada
FNV
$51.3B
| $147M | 2.42% |
1,073,689
-4,876
| -0.5% | -$644K |
|
3
CACI
CACI
$14.3B
| $137M | 2.26% |
455,276
+2,237
| +0.5% | +$652K |
|
4
Wheaton Precious Metals
WPM
$71.7B
| $135M | 2.22% |
3,449,456
+190,264
| +6% | +$6.88M |
|
|
5
Civeo
CVEO
$357M
| $120M | 1.99% |
3,870,376
+287,206
| +8% | +$8.37M |
|
6
Cheniere Energy
LNG
$57.3B
| – | – |
0
| – | – |
|
7
Intercontinental Exchange
ICE
$90.5B
| $102M | 1.68% |
992,861
-24,364
| -2% | -$2.43M |
|
|
PBT
8
Permian Basin Royalty Trust
PBT
$1.6B
| $94.4M | 1.56% |
3,744,689
+668,841
| +22% | +$13.8M |
|
9
Archer Daniels Midland
ADM
$38.7B
| $94.3M | 1.56% |
1,015,230
-9,737
| -0.9% | -$899K |
|
|
10
Brookfield
BN
$93.1B
| $68.8M | 1.14% |
3,280,674
-857,577
| -21% | -$19.2M |
|
11
Viper Energy
VNOM
$16.3B
| $68.4M | 1.13% |
2,151,291
-48,479
| -2% | -$1.56M |
|
|
STR
12
DELISTED
Sitio Royalties
STR
| $62.9M | 1.04% |
+2,181,929
| New | +$63.2M |
|
13
Charles River Laboratories
CRL
$14.1B
| $56.7M | 0.94% |
260,093
-24,296
| -9% | -$5.31M |
|
|
AC
14
DELISTED
Associated Capital Group
AC
| $52.3M | 0.86% |
1,244,909
-5,532
| -0.4% | -$225K |
|
15
Cboe Global Markets
CBOE
$31.4B
| $51M | 0.84% |
406,649
-2,895
| -0.7% | -$357K |
|
16
Howard Hughes
HHH
$3.97B
| $48.5M | 0.8% |
665,263
-45,367
| -6% | -$2.89M |
|
|
MSB
17
Mesabi Trust
MSB
$299M
| $48.4M | 0.8% |
2,684,726
+110,053
| +4% | +$2.18M |
|
18
Saic
SAIC
$5.41B
| $47.3M | 0.78% |
426,048
+38,221
| +10% | +$4.03M |
|
|
19
Bunge Global
BG
$21.7B
| $46.5M | 0.77% |
466,116
+76,141
| +20% | +$7.31M |
|
|
20
ProShares Short VIX Short-Term Futures ETF
SVXY
$251M
| $44.5M | 0.73% |
1,517,916
-334,476
| -18% | -$9.03M |
|
|
MRSH
21
Marsh
MRSH
$91.6B
| $41.3M | 0.68% |
249,295
-5,374
| -2% | -$879K |
|
22
CME Group
CME
$98.9B
| $41.1M | 0.68% |
244,674
-7,488
| -3% | -$1.3M |
|
23
AutoNation
AN
$6.6B
| $36.6M | 0.6% |
341,327
-11,077
| -3% | -$1.22M |
|
24
Live Nation Entertainment
LYV
$42.4B
| $35.3M | 0.58% |
505,841
-7,541
| -1% | -$559K |
|
25
West Fraser Timber
WFG
$5.46B
| $34.9M | 0.58% |
482,781
-11,231
| -2% | -$856K |
|
Similar funds
Murray Stahl's Q4 2022 Portfolio in Review
As of Q4 2022, Murray Stahl held 357 positions worth $6.06B, up 22% from $4.97B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Murray Stahl's Q4 2022 filing shows 28 new, 53 increased, 150 reduced and 33 closed positions. Its largest new stake was Sitio Royalties: 2,181,929 shares worth $62.9M. The largest sale was Texas Pacific Land, an estimated $134M.
By sector, the portfolio is most concentrated in Energy at 62% of assets, up from 61% a quarter earlier, followed by Materials and Financials.
- Murray Stahl's largest Q4 2022 buy was Sitio Royalties: 2,181,929 shares worth $62.9M.
- Murray Stahl added most to Permian Basin Royalty Trust in Q4 2022, an estimated $13.8M increase.
- Murray Stahl's biggest Q4 2022 reduction was Texas Pacific Land, cutting an estimated $134M.
- Murray Stahl fully exited Brigham Minerals, Inc. Class A Common Stock in Q4 2022, selling an estimated $50M.
- Murray Stahl's ten largest holdings make up 73% of its $6.06B portfolio in Q4 2022.
- Murray Stahl opened 28 new positions and closed 33 in Q4 2022.
- Murray Stahl's portfolio value rose 22% quarter-over-quarter to $6.06B.
Based on Horizon Kinetics Asset Management's 13F filing for Q4 2022, filed 7 Feb 2023.